A recent transaction of XRP tokens has sparked intense discussions in the cryptocurrency market following the transfer of nearly 30 million tokens to Coinbase.
Movement of XRP Tokens
According to Whale Alert, 29,532,534 XRP worth approximately $68.7 million was transferred from an unknown wallet to the exchange Coinbase on April 28.
Market Impact and Sentiment
Large transactions often raise concerns about potential sell pressure, especially when the destination is a significant exchange. Crypto analytics platform Alva noted that the transaction divided the XRP community, with some traders preparing for a quick dump while others believe that ETF excitement and Ripple’s legal momentum could maintain demand.
Upcoming ETF and Market Dynamics
This transaction comes just ahead of the rumored launch of three XRP futures ETFs from ProShares. Expectations around the approval of a spot XRP ETF continue to strengthen, yet caution remains due to a 5.93 percent drop in daily trading volume.
The movement of nearly 30 million XRP has caught traders' attention. While ETF optimism and legal momentum provide support, increased whale activity raises the risk of short-term market disruptions.
